October 3, 2018 Comments Off on San Gabriel Valley MOB Trades in 1031 Exchange Views: 3306 California News, Los Angeles

San Gabriel Valley MOB Trades in 1031 Exchange

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A property containing a medical office building and a mixed-use office and medical building in West Covina, CA sold for $5.9 million to an undisclosed private 1031-exchange buyer. The seller was De Pietro Limited Partnership in a deal that works out to $261 a square-foot.

Located at 1539, 1541-1555 W. Garvey Ave., the 22,564 square-foot, two-building property is 100% leased by five tenants, including Kaiser Permanente and DaVita. Originally developed by the current owner, the asset had never been offered for sale. The well-maintained property enjoyed high historical occupancy and average tenancy of roughly 30 years.

CBRE’s Gary Stache, Mark Shaffer, Anthony DeLorenzo, Doug Mack, Damon Feldmeth and Jackie Benavidez represented the seller in the transaction.

Shaffer says, “The area offers an established mature infill medical office market with limited new competing product, low market vacancy and strong market fundamentals.”

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